SEPTEMBER 2, 2008

Economy News Equity

4 Crude oil fell by about $4 per barrel in London to about $110 per barrel, % Chg
its lowest level in four months. The fall was because of the reduced 1 Sep 08 1 Day 1 Mth 3 Mths
threat of Hurricane Gustav on the energy facilities in the Guld of Mexico.
Hurricane Gustav was reduced to a category 2 storm before it made a Indian Indices
landfall. (ET) BSE Sensex 14,499 (0.5) (1.1) (9.7)
Nifty 4,349 (0.3) (1.5) (8.2)
4 India's trade deficit widened to $10.79bn in July 08, up 83% from BSE Banking 7,021 0.2 4.4 (5.8)
$5.87bn in the year-ago month, as growth in imports far outstripped BSE IT 3,954 (0.3) 4.1 (13.7)
exports. (ET) BSE Capital Goods 11,864 (0.2) (2.2) (7.4)
BSE Oil & Gas 9,689 0.3 (3.6) (5.1)
4 The current Finance Secretary, Dr. Duvvuri Subbarao has been appointed NSE Midcap 5,718 0.3 1.4 (11.1)
as the next Governer of Reserve Bank of India for a period of three years. BSE Small-cap 6,891 (0.0) (1.3) (13.4)
He will replace Dr. Y. V. Reddy, who retires from the post on September
World Indices
5 (BL).
Dow Jones (29 Aug) 11,544 (1.5) 1.9 (8.7)
4 Petroleum Minister Mr. Murli Deora has ruled out reduction in prices of Nasdaq (29 Aug) 2,368 (1.8) 2.4 (6.2)
petrol, diesel and cooking gas even as global crude prices have softened FTSE 5,603 - 4.6 (6.7)
in the recent past (ET) Nikkei 12,834 (1.8) (1.5) (10.7)
Hangseng 20,906 (1.7) (8.3) (15.6)
4 The revised draft proposal prepared by USA seeking lifting of a global
ban on nuclear trade by India has failed to find favour with several Value traded (Rs cr)
members of the Nuclear Suppliers' Group (NSG). It would now appear 1 Sep 08 % Chg - Day
that, an agreement on the waiver for India looks unlikely at this week's Cash BSE 4,762 (9.9)
NSG meeting. (ET)
Cash NSE 9,850 (7.3)
Derivatives 37,943 (12.1)
Corporate News Net inflows (Rs cr)
4 Tata Industries, one of the two holding companies of the Tata Group, 29 Aug 08 % Chg MTD YTD
will invest up to $ 350 million to fund early-stage ventures overseas in FII (257) (279) (2,066) (29,569)
sectors such as bio-technology, drug discovery, contract research, solar Mutual Fund 398 780 (360) 10,201
energy and water-recycling. (ET)
FII open interest (Rs cr)
4 The country's largest car manufacturer, Maruti Suzuki’s August sales 29 Aug 08 % Chg
witnessed a 10 per cent fall, the steepest in three years, as higher interest
rates hit the demand for small cars. Tata Motors’ sales also dropped FII Index Futures 13,067 (0.3)
during the same period by 6 per cent. (BS) FII Index Options 20,397 2.7
FII Stock Futures 17,467 0.9
4 Suzlon Energy, the world’s fifth largest wind turbine maker, will FII Stock Options 497 32.1
acquire 22.48 per cent stake from Portugal-based Martifer SGPS in its
subsidiary RE power Systems of Germany for € 270 million (Rs 1,744 crore) Advances / Declines (BSE)
or € 131 per share, eight months ahead of the original time-frame to 1 Sep 08 A B S Total % total
acquire the stake. The completion of the agreement will take Suzlon’s
Advances 85 846 237 1,168 48
stake in REpower to about 90 per cent. (BS)
Declines 117 843 204 1,164 48
4 Reliance Industries (RIL) has clarified that it has withdrawn its Unchanged 2 73 12 87 4
proposal to transfer 80 per cent stake in its four subsidiaries. RIL has also
Commodity % Chg
dropped its plans to acquire the polyester manufacturing facility of Unifi
Kinston, a subsidiary of US-based polyester-maker Unifi. (ET) 1 Sep 08 1 Day 1 Mth 3 Mths

Crude (NYMEX) (US$/BBL) 111.2 (3.7) (11.2) (13.0)

4 The International Chamber of Commerce (ICC), the global arbitration
tribunal on Monday asked Tata Communications to pay over $19 Gold (US$/OZ) 817.7 (1.6) (10.5) (8.6)
million to Reliance Globalcom, a subsidiary of Anil Ambani-led Reliance Silver (US$/OZ) 13.4 (1.2) (23.5) (20.5)
Communication Ltd (Rcomm), as the ‘loss profit damages claim for
Debt / forex market
sale of capacity’. (FE)
1 Sep 08 1 Day 1 Mth 3 Mths
4 Sterlite Energy Ltd, a Vedanta Resources Group company, will set up a 10 yr G-Sec yield % 8.87 8.94 9.37 8.13
1,980-MW power plant in Punjab with an investment of Rs 9,000 to Rs Re/US$ 44.14 43.95 42.39 42.48
10,000 crore. (BL)
Sensex
4 Ranbaxy Laboratories has signed a collaboration agreement with US- 21,100
based Merck & Co for drug discovery and clinical development of new
products in anti-infective field. Both firms would work together to 18,975
develop clinically validated anti-bacterial and anti-fungal drug
candidates. (FE) 16,850

14,725

12,600
Source: ET = Economic Times, BS = Business Standard, FE = Financial Express, Aug-07 Oct-07 Dec-07 Feb-08 Apr-08 Jun-08 Aug-08

BL = Business Line, ToI: Times of India, BSE = Bombay Stock Exchange

 MORNING INSIGHT September 2, 2008

AGM UPDATE LARSEN & TOUBRO

Sanjeev Zarbade
sanjeev.zarbade@kotak.com
+91 22 6621 6305 PRICE : R S.2562 RECOMMENDATION: BUY
TARGET PRICE : RS.3400 FY09E P/E: 23.3X
We attended the AGM of Larsen and Toubro on Aug 29th. Some of the key
takeaways of the meet our given below.
The past few years have been very good for L&T with the company
growing from a size of Rs.145. bn in FY05 to Rs.293 bn in FY08. During the
period, L&T has entered new business verticals like Shipbuilding and Power
Generation. L&T has also exited few non-strategic areas including, Ready
Mix Concrete business, Dairy machinery business, glass container business,
JVs with John Deere and Niro. The company's project "Lakshya" envisions a
structure with greater alignment to industry and customer segments. The
company has continued to have a confident stance on growth in the
coming years. The company had announced a bonus issue in the ratio of 1:1
and the record date for the same has been fixed on 3rd October 2008.

Key Highlights
Summary table n Management indicated slowdown in real estate and road building: L&T
has indicated that it witnessing slowdown in few pockets of real estate, con-
(Rs mn) FY08 FY09E FY10E
struction, road building and construction equipments. Under recovery of crude
Sales 293,504 378,341 467,238 price is also squeezing the cash flow of oil marketing companies thereby ham-
Growth (%) 43.1 28.9 23.5 pering their ability to undertake capital expenditure.
EBITDA 35,916 47,293 58,405
EBITDA margin (%) 12.2 12.5 12.5 n Despite this, confident of delivering robust growth in FY09 and FY10:
Net profit 23,254 32,113 40,332 L&T indicated that it is in a confident position to surpass its revenue growth tar-
EPS (Rs) 81.7 110.0 138.1 get of 30% in FY09. L&T notched a revenue growth of 53% yoy in Q1 FY09
Growth (%) 3.8 38.1 25.6 reflecting sustained momentum in project execution. The company indicated
DPS (Rs) 12.6 12.6 12.6 that current year order inflows are expected to grow at 30% which should pro-
ROE (%) 26.6 27.2 26.2
vide a base for driving revenues in FY10. The company sees power generation
ROCE (%) 16.5 18.2 21.2
and railways as the new areas that should see strong activity in coming years.
EV/Sales (x) 2.7 2.1 1.7
EV/EBITDA (x) 22.0 16.6 13.4 Currently, BHEL is the leader in power generating equipment in India with a
P/E (x) 31.4 23.3 18.5 dominant market share in the state-utility based projects. L&T expects to
P/BV (x) 7.0 5.8 4.2 emerge as the second alternative to BHEL which has been facing capacity con-
Source: Company, Kotak Securities - Private straints at various levels. L&T has in the current year won a Rs.15.6 bn order for
Client Research the Steam Turbine Generator package of 2 x 800 MW Sri Thermal Power Sta-
tion at Krishnapatnam, Andhra Pradesh.
On Chinese competition, the company believes that the Chinese sets are cost-
competitive due to high level of standardization in design and the export sub-
sidy in the form of a fixed exchange rate. However, the track record of the Chi-
nese has not been very encouraging.
n L&T's manufacturing capability has been approved by major nuclear
equipment makers: L&T indicated that it is expected to deliver nuclear reactors
for two projects that are based on Indian radioactive fuel. The company indi-
cated that experts from GE, Areva and Alstom have conducted visits at its facili-
ties. The company's technology capabilities have been approved by these
nuclear majors. L&T expects to receive substantial business once the nuclear
deal goes through and investment starts flowing into this sector. The company
also intends to work with major nuclear equipment suppliers and position itself
to export nuclear reactors in the future.
n Targeting specialized vessels like LNG carriers in shipbuilding: L&T indi-
cated that it not focusing on large bulk carriers but complex and specialized ves-
sels like LNG Carriers. LNG carriers vessels require greater technical sophistica-
tion and typically have a price that is 2-3x of similar size vessels in bulk carriers.

Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 2
 MORNING INSIGHT September 2, 2008

n Employee attrition has been kept under check: L&T indicated that ita vari-
ous initiatives like employee retention bonds, sponsored higher education and
Esops have been resulting desired results thereby leading to a 1% drop in em-
ployee attrition.

Order book n Margins likely to be maintained: L&T indicated that it has been successful to
a large extent in convincing government agencies to provide variable pricing on
Q2 FY09 Rs bn
its orders. A majority of orders have input variable clauses built into it.
Equipment contracts in steel sector 15.8
Wheel mfg plant 10.5 n Expecting order inflows to rise by 30% plus. L&T has indicated that it ex-
Transmission line for JSW power 4.45 pects to see order inflows to rise by a minimum of 30% in the current year. The
Source: Company
company reported order booking of Rs 122 bn in Q1 FY09. Thus, the company
would have to report growth in order inflows of 32% in Jul-Mar 09 period to
reach its target of Rs 546 bn plus in order booking.

Valuation
At the current price, L&T is trading at 23.3x and 18.5x FY09 and FY10 earnings re-
spectively. The stock commands a premium due to its superior execution capabili-
ties and ability to enter new industry verticals like power generation, ship building
and defence. The company has invested in several large infrastructure projects like
ports (Dhamra and Kakinada port), roads and highways and real estate ventures.
There exists significant value unlocking potential in these ventures.
Consolidated earnings are expected to grow at a CAGR of 30% between FY08-10.
We are expecting significant order inflows for L&T's power generation equipment
division over the next 2-3 years timeframe, which will drive growth in the coming
years.

Sum of the parts

We recommend BUY on L&T We value L&T based on SOTP with a target price of Rs 3411 (Rs 3628 earlier). Our
with a price target of Rs.3400 revised target price is lower mainly due to contraction in valuation multiple of
infotech and finance subsidiaries. Also the investment value of L&T's stake in
Ultratech Cemco has reduced in market value.

Valuations
Parameter Fair Value Per share

L&T Infotech 15x 09 earnings 38,549 132

L&T Finance 10x FY09 24,000 82
TENGL 1x Revenues 1,716 8
Infrastructure/overseas
subs/property subsidiaries 12x FY09 PAT 8,185 28
L&T IDPL 2x P/BV 14,065 48
Associates 15x 08 earnings 18,450 63
Ultratech market value 8,551 29
L&T Standalone 24x FY10 3010
Total 3,400

Source: Kotak Securities - Private Client Research

Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 3
 MORNING INSIGHT September 2, 2008

MARKET S TRATEGY MARKET STRATEGY

Research Team
+91 22 6621 6301 Indian markets have been impacted over the past few months by factors
like inflation, interest rates, high crude / commodity prices and the
uncertain US economic scenario. Over the past month, crude and
commodity prices have corrected and the monsoon has been benevolent.
We believe that, we may now see only marginal hike in interest rates in
India, especially because growth is already moderating. We continue to
maintain that, at 14,000 levels the known concerns would be almost
discounted. At those levels, valuations look fair based on FY09E consensus
sensex EPS estimates and attractive based on FY10E consensus estimates.
We believe that, there may be limited downsides to the markets and
maintain our optimistic view with a longer term view, especially at the
current valuations. However, we had become cautious and will become
cautious at about 15,500 levels, because of valuations.

Flat markets amidst volatility, encouraging macros

Benchmark indices
August witnessed volatility in the benchmark indices but ended pretty much on a
Sensex (LHS) flat note. The sensex moved up to about 15500 on the back of falling crude prices
Nifty (RHS) and progressing monsoons but came back to the 14500 levels, as expected, on
20000 5400 fears of inflation and an increase in interest rates.

18000 5050 What we are seeing is that, the markets are searching for direction in the backdrop
of conflicting macro indicators. On the negative side, the US economy continues to
16000 4700 face headwinds in the form of falling home prices and write offs relating to the
sub-prime crisis. Domestically, inflation moved up during the month to 12.63%
14000 4350 before retreating slightly to 12.4%.
12000 4000 On the positive side, we have seen commodity prices, especially crude and metals
Feb
Mar
Jan

Jun
May

July
Aug
Apr

cool off in the international markets. This has provided a breather on the inflation
front (impact seen in the week ended August 16). Also, the monsoon progressed
satisfactorily during the month, covering almost all the deficit states and providing
Source: Bloomberg
additional relief.
We continue to maintain that, global commodities, mainly crude, should seek and
settle at lower levels (while we are no experts at predicting oil prices), based on
fundamentals and that the monsoons should lead to better-than-earlier expecta-
tions on the agriculture front.
Based on this premise, we estimate inflation and consequently interest rates, to be
near their peaks (moderate increase possible). We also reason that, any significant
increase in interest rates will be a further threat to GDP growth, which is already
moderating (7.9% in 1QFY09). Any unexpected spike in global commodity prices is
the key risk to our assumptions.

Sectoral indices (July 30 - August 29, 2008)

10
8
6
4
2
0
-2
-4
IT

Metal
Oil

Healthcare
FMCG

Capital Goods
Nifty

Small Cap

PSU

Auto
Sensex

Midcap

Bankex

Source: Bloomberg

Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 4
 MORNING INSIGHT September 2, 2008

FII & MF investment (Rs cr) We also continue to maintain that, at 14,000 levels the known concerns would be
almost discounted. At those levels, valuations look fair based on FY09E consensus
FII MF sensex EPS estimates and attractive based on FY10E consensus estimates.
20,000 We maintain our optimistic view on the markets with a longer term view especially
15,000
10,000 at the current valuations. However, we had become cautious and will become cau-
5,000 tious at about 15500 levels, because of valuations.
-
(5,000) We continue to recommend a bottoms-up approach and accumulating large caps
(10,000) along with select mid-caps, which have sound fundamentals and are available at
(15,000)
(20,000) reasonable valuations. We recommend buying in beaten-down sectors like Con-
struction, Power, Capital Goods, Engineering, Banking, Mining, Logistics and Food
Oct

Oct
Feb

Feb
Jun

Jun

Jun
Dec

Dec
Aug

Aug

Aug
Apr_06

Apr

Apr

Processing. We also recommend select exposure in IT, Pharmaceuticals and Hotels.

We remain negative on the cement sector (unless there is a sustained and signifi-
cant rise in prices and a corresponding improvement in margins, which we do not
Source: Bloomberg
expect).

Are interest rates near their peaks?

We are of the opinion that, interest rates may be near their peak levels (and not at
the peak). We expect marginal hike from the current levels, in the event of inflation
seeking higher levels of 13% and above. Beyond those levels of interest rates, the
RBI and Government will have to give due consideration to the economic growth
also, we opine as against only inflation which, all said and done, is not entirely in
the RBI's fold (with a large part being imported inflation).
Over the past few economic review meetings, the RBI has increased the interest
rates and the CRR with a view to contain inflation and inflationary expectations.
Inflation had bottomed out at about 3% in October 2007, post which it started ris-
ing, in sympathy with the rising crude and other commodity prices, internationally.
However, RBI maintained status quo till 26 April 2008, when inflation touched
7.95% (for week ended 12 April 2008). Over the past four months, RBI has in-
creased interest rates by 1.25% and CRR by 1.5%. On the other hand, the GDP
growth has moderated.
Monsoons have been benevolent over the past month. Crude and commodity
prices have also cooled off over the past one month. To that extent, the upward
push in inflation is expected to be moderated. The same was partly reflected in the
inflation figure for week ended August 16, where in naptha prices fell by 9% and
furnace oil by about 6%.
On the other hand, the GDP growth has moderated to 7.9% in 1QFY09. This is as
against 9.2% in 1QFY08 and 8.8% in 4QFY08.
Thus, on the one hand, the factors causing a major part of the inflation have mod-
erated and may have a sobering impact on inflation going ahead. On the other
hand, the GDP growth rate is also moderating (because of the past fiscal and mon-
etary steps). In this scenario, we expect the RBI to hold back any further monetary
tightening till there is further spike in inflation, if any. Any unexpected spike in glo-
bal commodity prices is the key risk to our assumptions.

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 MORNING INSIGHT September 2, 2008

Inflation (%) Inflation and GDP

Inflation rose to nearly 12.63% during the first half of the month on the back of
12.5 sustained high commodity prices and also due to the base effect. However, for the
10.5 week ended August 16, the same fell to 12.4%.

8.5 It was after a gap of 28 weeks that, inflation had seen a downward movement.
What was more important is that, the WPI itself came down on a week-on-week
6.5
basis, indicating actual fall in prices. The fuel price index and some of the commodi-
4.5 ties helped bring down the inflation rate.
2.5 However, we believe that, some impact of the rising sugar prices (about 3.6%
Dec-05

Dec-06

Dec-07
Aug-05

Aug-06

Aug-07

Aug-08
Apr-05

Apr-06

Apr-07

Apr-08

weight) may be felt in the near term, Sugar prices have risen by about 25% in the
recent past. Also, there can be unexpected increases in global commodity prices,
putting further strain on inflation.
Source: Bloomberg GDP growth moderated to 7.9% in 1QFY09 on the back of the monetary and fiscal
steps initiated by the RBI and Government, respectively. This was marginally lower
than the consensus estimates and also equal to the RBI's target rate for the fiscal.
We are already seeing moderation as compared to 9.2% in 1QFY08 and 8.8% in
4QFY08.

Crude (US$/bl) Crude price cools off further, sustainability important

148 Crude price fell to about $116 per barrel by the end of August v/s $127 as at the
previous month-end. This reduction came predominantly on the back of concerns
121 regarding reducing global demand. We have been of the opinion that, fundamen-
tally, crude prices should cool off and had indicated this in our previous notes.
94 Crude price rise has been one of the major factors for the global inflation and slow-
down. Fall in the crude price is a welcome phenomenon and stabilization of crude
67 prices at lower levels can aid in improving the sentiments towards equity markets.
However, there are near term concerns on the potential impact of Hurricane
40 Katrina in addition to possibility of any unexpected spikes over the medium term.
Jul-07

Jul-08
Feb-05

Feb-06
May-05

May-06

Jan-07
May-07

Jan-08
Nov-05

Nov-06

Oct-07
Aug-05

Aug-06

Apr-08

Monsoons - more benevolent this month

Monsoons have revised over the Indian sub-continent during August. More impor-
Source: Bloomberg
tantly, the deficit areas of July received significant rainfall. Due to this, there are
only four sub-divisions which have deficient rainfall aggregates as at the end of
August.
Because of this, the inflation concerns arising out of lower food-grains production
have moderated. However, there will be an impact on the aggregate food grains
production for the season, which may keep the agriculture growth under pressure.

Rupee movement (US$) Rupee

The rupee crossed the Rs.44 per USD mark during the month. This weakness was
47.0 on the back of the high fiscal deficit and consistent FII outflows during the month.
We believe, a technical factor of RBI not selling dollars in spot market, when its
45.0
long position in forward market came for settlement, also impacted the rupee.
43.0 A weaker rupee impacts inflation as imports become costlier though it helps im-
prove the export figures. We need to keep a close watch on the rupee in the me-
41.0 dium term. Consistent weakness will be a positive for export oriented sectors like
IT, pharma and hotels.
39.0
Jul-05

Jul-06

Jul-07

Jul-08
Jan-05

Jan-06

Jan-07

Jan-08
Oct-05

Oct-06

Oct-07
Apr-05

Apr-06

Apr-07

Apr-08

Source: Bloomberg

Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 6
 MORNING INSIGHT September 2, 2008

Some reforms likely

The stability at the centre likely removes the political hurdle as far as some of the
other reforms are concerned. The Left had been objecting to several reforms like
higher FDI in select sectors, disinvestment, etc. We believe that some of the reforms
in the Insurance and Banking industries may be announced over the next few
months.
In our opinion, the Government may go ahead with the disinvestment process in
select PSUs. Government's deficit figures are expected to be higher in FY09 be-
cause of the farm loan waiver, sixth pay commission and higher subsidies. To com-
pensate for a part of these, we expect the Government to push ahead with this
reform.
This will be positive for several PSUs especially those which were short-listed earlier
including stakes in some navratna / non-navratna PSU companies - Names of some
potential beneficiaries are: BHEL, BEML, Balmer lawrie, Nalco, NMDC, SCI, NTPC,
Rashtriya Chemicals, Hindustan Organic Chemicals, HMT, ITI, Engineers India and
Andrew Yule.

Recommendation
During July, the crude prices and monsoon have shown favourable trends. We con-
tinue to maintain that, global commodities, mainly crude, should seek and settle at
lower levels (while we are no experts at predicting oil prices), based on fundamen-
tals and that the monsoons should lead to better-than-earlier expectations on the
agriculture front.
Based on this premise, we estimate inflation and consequently interest rates, to be
near their peaks (moderate increase possible). We also reason that, any significant
increase in interest rates will be a further threat to GDP growth, which is already
moderating (7.9% in 1QFY09). Any unexpected spike in global commodity prices is
the key risk to our assumptions.
At current levels, the valuations at about 14x FY09 consensus sensex EPS estimates
do not look demanding. We maintain our optimistic view on the markets with a
longer term view especially at the current valuations.
We continue to recommend a bottoms-up approach and accumulating large caps
along with select mid-caps, which have sound fundamentals and are available at
reasonable valuations. We recommend buying in beaten-down sectors like Con-
struction, Power, Capital Goods, Engineering, Banking, Mining, Logistics and Food
Processing. We also recommend select exposure in IT, Pharmaceuticals and Hotels.
We remain negative on the cement sector (unless there is a sustained and signifi-
cant rise in prices and a corresponding improvement in margins, which we do not
expect).
The following are our preferred picks from among the sectors we cover:

Preferred picks
Sector Stocks

Banking Axis Bank, ICICI, HDFC Bank, Union Bank, BoB, Indian Bank
Construction Punj Lloyd, IVRCL, Simplex Infra, Unity Infra, Sunil Hi Tech
Engineering Cummins India, Hindustan Dorr Oliver, Larsen & Toubro, BHEL
Food Processing Riddhi Siddhi Gluco
Hotels Indian Hotels
IT Infosys, Satyam, Infotech
Logistics GDL, Mundra Port
Media Jagran Prakashan, PVR
Metals & Mining Sesa Goa
NBFCs LIC Housing, SREI Infra, PFC
Oil & Gas GSPL, Petronet LNG
Pharmaceuticals Lupin, Glenmark, Opto Circuit, Torrent Pharma
Other Midcaps AIA Engg, Everest Kanto, Nitin Fire, Numeric, JBF

Source: Kotak Securities - Private Client Research

Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 7
 MORNING INSIGHT September 2, 2008

Bulk Deals Trade details of bulk deals

Date Scrip name Name of client Buy/ Quantity Avg. price
Sell of shares (Rs)

1-Sep G.S. Auto Yuvak Share Trading Pvt.Ltd. B 39,485 88.61

1-Sep G.S. Auto ABN India Equity Research Private S 21,137 88.09
1-Sep G.S. Auto Sangeeta Pareekh S 50,000 87.98
1-Sep G.S. Auto Comet Investment Pvt Ltd S 34,186 91.12
1-Sep Intens Tech Citigroup Global Markets Mauritius S 200,000 15.29
1-Sep Resurgere PR Vyapaar Private Limited B 149,880 295.64
1-Sep Resurgere Mavi Investment Fund Ltd B 600,000 324.33
1-Sep Resurgere Meenal Nitish Thakur S 215,283 417.20
1-Sep S.S.Organics Avinash Reddy Ch B 100,000 8.74
1-Sep S.S.Organics Aryavart Savings Unit Limited S 97,600 8.71
1-Sep Usher Agro Manharlal Narottamdas Shah B 148,566 128.44
1-Sep Vintage Card Viragkumar Suresh Patel B 3,000 117.92
1-Sep Vintage Card Setu Securities Pvt Ltd S 20,928 120.50

Source: BSE

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 MORNING INSIGHT September 2, 2008

Gainers & Losers Nifty Gainers & Losers

Price (Rs) % change Index points Volume (mn)

Gainers
ONGC 1,031 0.8 2.8 0.8
ITC 192 1.7 2.0 2.4
HDFC Bank 1,298 1.7 1.5 0.7
Losers
Bharti Airtel 816 (2.5) (6.7) 1.6
Infosys Tech 1,723 (1.5) (2.4) 1.4
NTPC 173 (1.0) (2.3) 3.1

Source: Bloomberg

Forthcoming events Company/Market

Date Event

2-Sep HCL Infosystems to announce earnings and final dividend

Minda group holds press meet for major overseas acquisition

Source: Bloomberg

Research Team
Dipen Shah Awadhesh Garg Saurabh Agrawal Siddharth Shah
IT, Media, Telecom Pharmaceuticals, Hotels Metals, Mining Telecom
dipen.shah@kotak.com awadhesh.garg@kotak.com agrawal.saurabh@kotak.com siddharth.s@kotak.com
+91 22 6621 6301 +91 22 6621 6304 +91 22 6621 6309 +91 22 6621 6307
Sanjeev Zarbade Apurva Doshi Saday Sinha Shrikant Chouhan
Capital Goods, Engineering Logistics, Textiles, Mid Cap Banking, Economy Technical analyst
sanjeev.zarbade@kotak.com doshi.apurva@kotak.com saday.sinha@kotak.com shrikant.chouhan@kotak.com
+91 22 6621 6305 +91 22 6621 6308 +91 22 6621 6312 +91 22 6621 6360
Teena Virmani Saurabh Gurnurkar Sarika Lohra K. Kathirvelu
Construction, Cement, Mid Cap IT, Media, Telecom NBFCs Production
teena.virmani@kotak.com saurabh.gurnurkar@kotak.com sarika.lohra@kotak.com k.kathirvelu@kotak.com
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